The top U.S. communications regulator plans to unveil proposals Monday for ensuring Web traffic is not slowed or blocked based on its content, sources familiar with the contents of the speech said on Friday.

Federal Communications Commission Chairman Julius Genachowski will announce plans to ask his fellow commissioners to adopt as a rule net neutrality and four existing principles on Internet access issued by the agency in 2005, one of the sources said.

Advocates of net neutrality say Internet service providers must be barred from blocking or slowing traffic based on its content.

But service providers say the increasing volume of bandwidth-hogging services, like video sharing, requires active management of their networks and some argue that net neutrality could stifle innovation.

“He is going to announce rulemaking,” said one source familiar with the speech due to be delivered at the Brookings Institution, a public policy think tank.

The rule proposal will also try to seek greater clarity into what constitutes “reasonable” network management by Internet providers.

The FCC could formally propose the rule aimed at both wireless and landline Internet platforms at an open meeting in October.

As I’ve been reading various comments, I agree with some of them where they state they have some mixed feelings about this idea being both good and maybe not so good. As long as it does not interrupt too much of the ISPs. Of course, we may not know that until the basic “trial and error” take place.